470.020. Disposition of unclaimed moneys--deemed unclaimed property, when--transfer to abandoned fund account--transfer to public schools. - Missouri Statutes

Disposition of unclaimed moneys--deemed unclaimed property,when--transfer to abandoned fund account--transfer to public schools.

470.020. 1. Within one year after the final settlement of anyexecutor or administrator, assignee, sheriff or receiver, all moneys in hisor her hands unpaid or unclaimed, as provided in section 470.010, shall,upon the order of the court in which the settlement is made, be paid to thestate treasurer.

2. Beginning January 1, 2003, all real and personal estate thattransfers or has transferred to the state pursuant to section 470.010 shallbe deemed unclaimed property under the uniform disposition of unclaimedproperty act as set forth in chapter 447, RSMo, and shall be treated in thesame manner as all other unclaimed property under such act.

3. All moneys in the escheats fund on or after December 31, 2002,shall be transferred to the abandoned fund account created in section447.543, RSMo, and the escheats fund shall be abolished. Any accountinginformation maintained by the commissioner of administration for moneyspaid into the state treasury and all moneys from the sale of lands vestedin the state shall be transferred to the unclaimed property division of theoffice of state treasurer.

4. The state treasurer shall remain custodian of any bonds purchasedby the state board of fund commissioners prior to January 1, 2003, andshall deposit all interest received from such bonds into the abandoned fundaccount. The state treasurer, in consultation with the state board of fundcommissioners, shall determine the use and disposition of proceeds from allsuch bonds purchased by the state board.

5. Beginning in fiscal year 2003 and for each subsequent fiscal year,the state treasurer shall transfer from the abandoned fund account to thepublic schools fund an amount equal to five percent of the annual amounttransferred to the general revenue fund from the abandoned fund account netany transfers from the general revenue to the abandoned fund account.

(RSMo 1939 § 621, A.L. 1957 p. 866, A.L. 2002 S.B. 1248)

Prior revisions: 1929 § 621; 1919 § 5310; 1909 § 6257

Effective 6-19-02

CROSS REFERENCE:

Escheats fund to be used for support of public schools, RSMo 166.011